Starting a New Dental Practice

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New Dental Practice Framingham MA

Dental students and new dentists are often required to make a major decision when it comes to venturing in the practicing field. Most of them don’t know whether to start their own, work as associates, or even be employed by already practicing dentists. Making the decision is a huge challenge, and most students don’t know how to go about it. When it comes to making the decision, there are a few questions that students should ask themselves to take the right step.

How Do I Know If Practice Ownership Is Right For Me?

Being a practice owner, there are multiple benefits that come with the title. You get to decide the type of services and treatment you will offer as well as the office availability. You will be in charge of setting the practice vision and determine where you want to be in a few years to come. Also, you choose the type of staff you will work with and several other benefits. But before all these profits come to you, there are important questions that you must ask yourself:

  • Do you have the confidence to run a business?
  • Are you able and willing to take on debt to start a practice from scratch or buy an existing one?
  • Do you have what it takes to handle dental staff and their stress?

If you don’t feel as if you are ready personally or financially to take full control of your ship, joining an existing practice is not a crime. With a good dentist giving you cover, you are sure of finding a role model and mentor in the industry.

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What Is The Difference Between Being A Practice Owner And Being An Associate?

When you work as an associate, the stress that comes with ownership is first eliminated. This is because you will not have to deal with monthly bills, hiring or firing of staff, or even deal with marketing issues. Additionally, when you work as an associate, you will familiarize yourself with the dentistry practice and build your confidence.

Working as an associate also helps you increase your treatment speed and skills. This is because you will be required to meet specific targets in a day. Hence, feel the pressure to deliver even when you should refer to a specialist. 

On the other hand, as an owner of a dental practice, you get to decide which treatments to handle and how to work around referrals. 

What Are The Financial Considerations Of Purchasing A Practice?

By the time you graduate as a dental student, you may have student loans to pay. Therefore, purchasing or starting a practice may be a financial challenge. However, that should not limit your expectations and dreams of practice ownership. If your finances don’t allow you to open a practice, you can work as an associate, learn the dynamics of the industry as well as build your treatment platform. 

Being an associate will help you settle part of the student loan hence making it possible for you to run your practice smoothly. Additionally, when there is someone you look up to, it will be easy for you to gather essential tips. Therefore, you will be in a position to know what to do when you start your dental practice. As a dental practitioner, you will also enjoy the flexibility the career provides. You will also have a good network when you start your own practice.

Learn More About Starting a New Dental Practice

Find out if purchasing or creating a new practice is right for you. Call Ash Dental CPA at (508) 458-6789 to schedule a complimentary consultation. New clients are always welcome!